SAN DIEGO - Presidio Property Trust, Inc., a diversified real estate investment trust (REIT) with holdings in model homes and commercial properties across five states, today announced a share repurchase program authorized by its Board of Directors. The company plans to buy back up to $10 million of its shares, allocating $6 million for the repurchase of Series A Common Stock and $4 million for Series D Preferred Stock.
The strategic move comes as Presidio continues to navigate the economic challenges posed by regional market fluctuations, which have been further intensified by the ongoing impacts of COVID-19. The repurchase transactions will be conducted in accordance with guidelines specified under the Securities and Exchange Commission (SEC) rules and may vary in nature over time.
In addition to its real estate investments, which are primarily concentrated in Colorado but also span four other states, Presidio maintains a 6.5% investment stake in Conduit Pharmaceuticals Inc. This stake represents a strategic interest in the pharmaceutical company renowned for its efficient compound development processes.
The share repurchase authorization underscores Presidio Property Trust's commitment to leveraging its assets and capital to enhance shareholder value, even as it contends with an uncertain economic landscape.
InvestingPro Insights
According to real-time data from InvestingPro, Presidio Property Trust, Inc.'s strategic moves seem to be paying off. The company's stock value has increased by 7% over the last twelve months as of Q1 2023. More specifically, the Series A Common Stock and Series D Preferred Stock, which are the focus of the newly announced repurchase program, have seen appreciations of 9% and 5% respectively in Q1 2023. This suggests that Presidio's decision to leverage its assets and capital to enhance shareholder value is a sound one.
Presidio's 6.5% stake in Conduit Pharmaceuticals Inc. has also yielded a healthy return of 8% in the last year, underscoring the potential value of this strategic interest. As per InvestingPro Tips, investors should keep a close eye on these areas of Presidio's portfolio.
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